Companies Collaborate to Establish Blockchain for the Healthcare Industry

Companies Collaborate to Establish Blockchain for the Healthcare Industry

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Aetna, Anthem, Health Care Service Corporation (HCSC), PNC Bank and IBM announced a new collaboration to design and create a network using blockchain technology to improve transparency and interoperability in the healthcare industry.

The aim is to create an inclusive blockchain network that can benefit multiple members of the healthcare ecosystem in a highly secure, shared environment. The goal is to allow the blockchain network to enable healthcare companies to build, share and deploy solutions that drive digital transformation in the industry.

Despite major initiatives to digitize healthcare information, major improvements in transparency and interoperability among various groups in the healthcare system are still necessary. By reducing administrative errors and friction through the application of blockchain technology, healthcare information could be exchanged more efficiently. These improvements, once realized could help enhance patient care and reduce unnecessary costs.

The collaboration members intend to use blockchain to address a range of industry challenges, including promoting efficient claims and payment processing, to enable secure and frictionless healthcare information exchanges, and to maintain current and accurate provider directories. Companies are actively working to further define the initial use cases for the health utility network. The collaboration will add additional members to the network in the coming months.

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